Preparing for a Divorce 101: Gathering Financial Information

The most frequent question that potential clients raise during initial consults is how to prepare for the impending divorce. While there are no set rules as to what to do or not do, we can offer several suggestions or tips.

Often times, a spouse is unaware of the couple’s complete financial picture. To prepare for the divorce, educate yourself about your family’s finances.

Gather and review recent bank, brokerage, retirement, and credit card statements. A large part of the divorce process is figuring out what assets and debts you and your spouse have and how they will be divided.

Gather and review tax returns and other tax forms. Another large part of the divorce process is figuring out what is to be paid in alimony and/or child support. Tax returns may show what you and your spouse earned in a calendar year. Bringing these documents with you during your first meeting with a lawyer provides your lawyer with a helpful starting point.

Did you own assets prior to the marriage? Did you inherit money during the marriage? If so, this information could be of relevance to the division of the property during the divorce. The property division statute, codified in Section 46b-81 of the Connecticut General Statutes, allows a court to “consider the contribution of each of the parties in the acquisition, preservation or appreciation in the value of their respective estates.” Figuring out what you owned prior to the marriage and inherited during the marriage, and locating supporting documentation, may be of use later on in your divorce case.

Of course, every case is unique. To speak to someone about the types of information that may be helpful to gather prior to your divorce, contact the lawyers of Ferro & Battey, LLC to schedule a consult. This month’s blog will focus on preparing for your divorce. For more information and suggestions on how to prepare for your divorce, check back for updates to our blog.